Monday, August 29, 2016

US consumer spending posts slower growth in July

American consumers boosted spending at a slower pace in July, while their incomes accelerated slightly.

Spending grew 0.3 percent in July following a 0.5 percent increase in June, the Commerce Department reported Monday. The slowdown had been expected given an earlier report that retail sales were flat in July. Incomes grew 0.4 percent in July, up from a 0.3 percent increase in June.

Economists are counting on solid gains in consumer spending, which accounts for 70 percent of economic activity, to power overall growth in the second half of the year.. . . more

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